Flexible Spending Accounts and Health Savings Account

Overview

You can save money on health care and dependent care expenses by paying for them with tax-free accounts. Using these accounts effectively will help you take full advantage of their money-saving potential.

Compare the health accounts

Manage your account

What's eligible

Tax-advantaged accounts make a difference!

See how much contributing to an HSA or FSA could save you over the course of a year.

Tax savings on $2,000 contribution to HSA or FSA

28% in federal income tax

$560

5% in state income tax

$100

7.65% in Federal Insurance Contributions Act (FICA) tax

$153

Total tax savings for year with an HSA or FSA

$813

This hypothetical illustration is for educational purposes only. Dollar amounts or savings will vary depending on income, state and city tax rules, and other factors. Please consult a tax, legal, or financial advisor about your own personal situation.

Compare Health Accounts

Health Care FSA

Health Savings Account (annual)

Limited Purpose FSA

Available with …

HMO (Also available if you waive medical coverage)

HDHP

HDHP

Receive Getty contribution

No

$750 employee-only
$1,500 employee + 1 or employee + family

No

Access entire employee annual contribution amount as needed

Yes

No

Yes

Access only funds that have been deposited — from the Getty and employee

No

Yes

No

Use account money for...

All eligible health care expenses

All eligible health care expenses

Only dental and vision expenses

“Use it or lose it” at year-end

Yes (Carry over up to $500)

No

Yes (Carry over up to $500)

Money is always yours to keep

No

Yes

No

Flexible Spending Accounts (FSAs)

Using an FSA is like getting a discount on everyday health and/or dependent care expenses because you’re paying with tax-free money.

There are separate FSAs for health care and dependent care.

FSAs at a glance

Use your money!

With FSA money, you use it or lose it. If you have a balance left in your FSA as year-end approaches, try to spend as much of it as you can on eligible expenses. Request reimbursement or manage your account on the PayFlex website.

Health Care FSA

Pairs with the UnitedHealthcare HMO Plans (Signature Value Advantage, Signature Value)
only; also available if you waive the Getty medical coverage.

Your entire annual contribution amount is available to you from the beginning of the plan year.

Up to $500 of unused money may be carried over to the next year; amounts above $500 will be forfeited.

Dependent Care FSA

Pairs with any (or no) medical plan.

Contribute up to $5,000 a year to help cover your eligible dependent care expenses, including child care for children up to age 13 and care for dependent elders. This includes preschool, summer day camp, before or after school programs and child and elder day care.

Use the PayFlex website to reimburse yourself for payments you’ve made.

Select your annual contribution amount during Open Enrollment. You can only change your contribution amount during the year if your personal situation changes.

Unused money does not carry over at the end of each year — use it or lose it.

Health Savings Account (HSA)

Employees in the Aetna HDHP/PPO can receive the Getty contribution and contribute their own money to a Health Savings Account (HSA) through PayFlex. The HSA is a tax-free savings account that you can use to pay for eligible health expenses anytime, even in retirement.

You are not eligible for the HSA if you:

Have other coverage, such as Medicare, Tricare Coverage, a spouse's medical plan that covers you and is not a high-deductible health plan (HDHP)

Have a general purpose health care Flexible Spending Account

Have a health reimbursement account (HRA)

Have had Veterans Administration (VA) benefits within the past 3 months

Are claimed as a dependent on another person’s tax return.

Keep in mind: 2019 contribution limits

The total amount you and The Getty can contribute to your HSA this year is:

$3,500 for individual medical coverage.

$7,000 for family medical coverage.

Add $1,000 to these limits if you're age 55 or older.

HSA at a glance

Increase your tax savings with a Limited Purpose FSA. Use your HSA together with the Limited Purpose FSA for additional tax savings. Note that with the Limited Purpose FSA, only dental and vision expenses are allowed.